Mortgage Forbearance: A Helpful Option for Connecticut Homeowners Facing Challenges

Mortgage Forbearance: A Helpful Option for Connecticut Homeowners Facing Challenges

Life doesn’t always go as planned. Whether it’s job loss, medical bills, or storm-related damage, unexpected challenges can put financial pressure on homeowners. If you’re a Connecticut homeowner struggling to keep up with mortgage payments, there’s a little-known resource still available to help: mortgage forbearance.

What Is Mortgage Forbearance?

Forbearance gives homeowners the ability to pause or reduce mortgage payments temporarily during a short-term financial hardship. This can be a lifeline when you're facing a disruption in income or a sudden increase in expenses.

As Bankrate explains:

“Mortgage forbearance is an option that allows borrowers to pause or lower their mortgage payments while dealing with a short-term crisis, such as a job loss, illness or other financial setback . . . When you can’t afford to pay your mortgage, forbearance gives you a chance to sort out your finances and get back on track.”

Many assume this option ended after the COVID-19 pandemic, but it remains available today—and it’s still helping homeowners avoid delinquency or foreclosure during temporary hardships.

How It’s Still Relevant – Even in Connecticut

Nationally, the Mortgage Bankers Association (MBA) has reported a slight increase in forbearance cases—largely due to recent natural disasters like hurricanes. Here in Connecticut, we may not face hurricanes often, but winter storms, flooding along the coast, and unexpected life events still create real challenges for homeowners across the state—from New Haven and Stamford to Hartford and beyond.

In fact, nearly half of current forbearance cases nationwide are tied to disaster-related hardship, according to MBA data. While the overall number of homeowners in forbearance remains low, it’s a tool that can offer real relief when needed.

Why Forbearance Matters

If you're a Connecticut homeowner facing a short-term hardship, forbearance could:

• Help protect your credit

• Prevent foreclosure or late fees

• Give you time to regroup financially

It’s important to note: forbearance is not automatic. You’ll need to contact your mortgage servicer and request it directly. They’ll explain your options and help you understand what repayment might look like once your hardship ends.

You can learn more from the Consumer Financial Protection Bureau on how to approach that conversation.

Final Thought

Forbearance isn’t about falling behind—it’s about creating a path forward. Connecticut homeowners facing temporary financial setbacks deserve access to the resources that can help them stay in their homes and recover with peace of mind.